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In an open statement on the Press Gazette , Reeves explained that the title's ownership had increasingly become a "hot potato" for many journalists over the last few years.

Reeves has proposed that the title become industry property and operate in a similar way to the Scott Trust, which owns The Guardian, to secure its future editorial independence.

Press Gazette will now send outline plans to 40 industry chief executives and other organisations to invite them to become founding members of the Press Gazette Trust.

As reported on Brand Republic on October 19, Matthew Freud had become frustrated by Associated Newspapers, Express Newspapers and the Telegraph Group's decision to boycott last year's British Press Awards ceremony after claiming that he and Morgan, were "inappropriate administrators".

Reeves said: "Our proposal is the establishment of a trust, the aim of which would be to publish Press Gazette as a profitable enterprise while ensuring its editorial independence.

"We believe, after taking soundings from some of the industry's key players, that the proposal could win widespread support."

He added: "The men and women who run the major journalism organisations in this country will not always see eye to eye with us. From time to time they will have been infuriated by what is written in these pages, just as they will have been pleased to be praised.

"But we hope they will recognise how important it is for us to reflect the tribulations as well as the triumphs of this vibrant, creative industry."

The argument about the ownership of Press Gazette, which was co-acquired by Freud and Morgan in June 2005 from Quantum Publishing, gained momentum when 10 editors released a joint statement shortly after the British Press Awards 2005, announcing they were to boycott any future event because of the "decline in conduct and prestige".

The boycott undoubtedly damaged the awards' reputation, with only 450 guests attending this year's awards ceremony, in comparison with nearly 900 in 2005.

Associated Newspapers, Express Newspapers and The Telegraph Group's criticism of the British Press Awards stems from Freud's close ties with News International -- he is married to Elisabeth Murdoch - and his PR business with The Sun and The News of The World.

If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .